The U.S. House Committee on the Budget convened on December 11, 2024, to discuss the ongoing fiscal challenges facing the nation, particularly in light of the economic recovery following the COVID-19 pandemic. The meeting highlighted significant achievements in job creation and inflation control, while also addressing long-term structural issues that threaten economic stability.

During the session, a committee member emphasized the remarkable recovery of the U.S. economy since the pandemic, noting the creation of over 16 million jobs, surpassing pre-pandemic employment levels by 7 million. The member pointed out that inflation, which peaked at 9% in mid-2022, has been reduced to approximately 2.5%, countering predictions of prolonged economic hardship. Despite these successes, the member acknowledged that many American families continue to face economic challenges stemming from the pandemic.

The discussion also turned to pressing long-term issues, including an aging population that is increasing costs for Social Security and Medicare, and rising income inequality that could make the economy more susceptible to downturns. The member criticized the impact of two decades of Republican tax cuts, arguing that they have significantly contributed to the national debt, estimating a cumulative revenue loss of $10 trillion since 2001.

The committee member expressed concern over proposals to extend tax cuts, which could add an estimated $4.6 trillion to the national debt, arguing that such measures would exacerbate existing fiscal challenges rather than address them. The meeting concluded with a call for serious consideration of the nation’s long-term structural issues and a commitment to finding viable solutions.

Overall, the committee's discussions underscored the need for a balanced approach to fiscal policy that considers both immediate economic recovery and the sustainability of key social programs in the face of demographic changes and economic inequality.